The Centralized Partnership
Audit Regime replaces the Tax Equity and Fiscal Responsibility Act (TEFRA) and
the electing large partnership rules. The centralized partnership audit regime,
or BBA, is generally effective for tax years beginning January 2018. Under the
BBA, the IRS generally assesses and collects any understatement of tax (called an
imputed underpayment) at the partnership level.
A partnership is subject to BBA
unless it is an eligible partnership and makes an annual election out of BBA on
a timely filed Form 1065. An eligible partnership is one with 100 or
fewer partners, all of whom are either individuals, C corporations, foreign
entities that would be treated as a C corporation if it were domestic, S
corporations or estates of deceased partners.
The new webpage is intended to
be a one-stop location for anything BBA-related, including regulations and
other guidance and instructions related to the Partnership Representative (PR),
electing out of the centralized audit regime, Administrative Adjustment
Requests (AARs) and what to expect during a BBA administrative proceeding.
Taxpayers are encouraged to visit the website often for information, including electronic submission instructions of forms related to a BBA examination when those instructions are available.
Have IRS Tax Problem?
Contact the Tax Lawyers at
Marini & Associates, P.A.
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)
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